SEOUL, SOUTH KOREA, January 4, 2021 — The Seoul Metropolitan Government will open the “Medical Device Development Support Center” in the G-Valley in July. The G-Valley, a Silicon Valley of Korea, houses around 270 medical device manufacturers (about one-third of the total located in Seoul) and related infrastructure.
The Center will serve as a core facility that provides one-stop support for medical device companies in the entire processes of technology and business development, covering from research and development, prototype creation, clinical trial, and regulatory affairs.
The Seoul Metropolitan Government said that the Center will be an infrastructure to nurture some of the small and medium-sized manufacturers with great potentials in the industry while the bio and health care industry is sharply growing amid the COVID-19 outbreak. The city aims to raise the development-and-production-oriented G-valley into a core hub of the bio and medical sector, which can show a synergetic effect together with the Hongreung area where focuses on planning and research.
The G-Valley shows a significant potential to grow the bio-industry. It accommodates 32.4 percent of medical device manufacturers in Seoul and relevant infrastructure, including the notification and certification agencies (National Institute of Medical Device Safety Information, and Korea Testing Laboratory). In this area, 29.1 percent of the IoT companies in Seoul are also concentrated. As such, Seoul will also provide full support for integration with cutting-edge technologies like AI to strengthen the industry’s competitiveness.
The Center will be set up jointly by the Seoul Metropolitan Government and the Korea Industrial Complex Corporation responsible for developing and managing the G-Valley. The city will assign a total of 5.4 billion won for three years starting from this year. The Center will be around 660 square meters, located in Complex I (Guro-gu district), equipped with the spaces for business and technology support, basic research labs, and the like.
The Center will provide a comprehensive support as follows: ▴developing smart health care devices based on medical big data and AI ▴evaluating the design, clinical trials, validation of medical devices ▴developing in vitro diagnosis devices for emerging infectious diseases
including COVID-19 ▴commercializing technologies (prototype making, stepwise consultancy, regulation affairs, etc.) ▴attracting investment.
The Seoul Metropolitan Government and the Korea Industrial Complex Corporation signed a written agreement for the joint establishment and operation of the Center based on the expected outcomes above. With signing the agreement, the two organizations will establish a “business-hospital-public” collaboration system and create a communication channel connecting businesses with experts from medical institutions, in order to provide a stepwise and practical business support.
Kim Eui-seung, Deputy Mayor of Economic Policy at the Seoul Metropolitan Government, said, “Seoul will establish the Medical Device Development Support Center in G-Valley with a rich growth potential for the bio industry. It is to source innovative medical device startups which will take a lead in the post-COVID-19 era and provide a close support for commercialization of technologies.” He added, “By building up a viable ecosystem for developing medical devices in the G-Valley, the city will ensure creating an industrial synergetic cycle in which the products coming from planning and research by the Hongreung Bio Cluster can be further developed and manufactured in the G-Valley.”